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Applications for KY Angel Investment Fund tax credit available Economic Development Tool for Entrepreneurship: Angel investors can recover up to half their investment Comments welcome on any area Angel Funds available in Adair, Casey, Cumberland, Green, Metcalfe, Russell and Taylor Counties of South Central Kentucky. Click on the Contact Form at the end of this article to comment. By Joe Hall FRANKFORT, KY (15 Dec 2014) - Investors now have another good reason to invest in Kentucky's small and startup companies. Applications for the Kentucky Angel Investment Fund Tax Credit are now available through the Kentucky Cabinet for Economic Development. The Kentucky Angel Investment Fund Tax Credit allows angel investors - people who provide capital for startup companies - to receive tax credits. Qualified investors can receive a tax credit of up to 50 percent of their investment in counties with high unemployment rates, or enhanced counties, and 40 percent in all other counties. "We're excited about the potential for this program to help small businesses grow and thrive in Kentucky," said Gov. Steve Beshear. "While the tax credit goes to the investor, entrepreneurs also benefit by attracting additional investment funds to help their business move to the next level. It truly is a win-win for the investor and our small business community." Earlier this year, Gov. Beshear and the General Assembly expanded the angel tax credit legislation so individual angels can take advantage of the credits. Under the old legislation, only groups of angel investors (with fund managers) were eligible. The credit will be available in the 2015 tax year for investors who invest in eligible Kentucky small businesses. Angel investors, small businesses and planned investments must be approved by the Cabinet prior to investment to be eligible for the tax credit. Out-of-state investors can take advantage of the credit too. Though out-of-state investors may not have any Kentucky tax liability, they can transfer that tax credit to someone else within the Commonwealth. If a Kentucky taxpayer is willing to purchase the credit, the investor will recover some portion of the investment. The angel tax credit is operated through the Office of Entrepreneurship within the Kentucky Cabinet for Economic Development. Funds are limited, so both investors looking for an approved small business and businesses wishing to be approved for investment should apply as soon as possible. Additional program information, including a fact sheet and application forms, is available at www.thinkkentucky.com/kaitc This story was posted on 2014-12-17 03:35:11
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Today, WEDNESDAY with CM, 17 Dec 2014 Glens Fork Church of Nazarene Candlelight service: 24 Dec 2014 Jeff Spoon at Victory Community Church, Fri 19 Dec 2014 GF Church of Nazarene Christmas program - Sun 21 Dec 2014 City of Columbia special called meeting 23 Dec 2014 Earthquake! Charles Marshburn moving tractors from barn Sports figure: Top 25 NAIA Div II winningest coach is ACHS grad C/AC Economic Development Report, for 16 Dec 2014 Christmas Classic: Christmas Eve, Leatherwood Creek by Jim Basketball: Lindsey Wilson Women hold off Brescia, 94-82 View even more articles in topic News |
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